Eight-Bay Auto Repair
For Sale
$3,900,000
1449 Union St, Spartanburg, SC 29302
Three-building commercial site includes an operating towing business and two occupied tenant spaces.
Property Size10,675 SF
Lot Size2.29 Acres
Price / SF$365.34
Days on Market46
Property Features for 1449 Union St
General Information
Standard status
Active
Size
10,675 SF
Lot size
2.29 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
8
Building Details
Buildings
3
Tenancy
Multi
Listing Agency:
Affinity Group Realty
(864) 921-2220
Listed By:
Valentina Ragozinski · License #92182
Source:
Adamtaylorteam
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 28 at 12:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Affinity Group Realty
Investment Insights
Based on property information with market context.
This commercial property comprises three buildings totaling approximately 10,675 square feet across 2.29 acres. The improvements include an operating eight-bay auto repair and towing business, along with separate spaces occupied by a used tire shop and a meat market. Multiple parcels are included, with addresses associated with 1445, 1453, and 1457 Union Street.
The site fronts Union Street, identified as US-29, and sits along the commercial route between Downtown Spartanburg and regional highways. Approximately 0.49 acre of undeveloped land is part of the property, providing additional land area alongside the existing automotive and retail-related operations.
The site fronts Union Street, identified as US-29, and sits along the commercial route between Downtown Spartanburg and regional highways. Approximately 0.49 acre of undeveloped land is part of the property, providing additional land area alongside the existing automotive and retail-related operations.
Key Highlights
- 2.29‑acre commercial property with three buildings totaling approximately 10,675 square feet
- Operating eight‑bay auto repair and towing business
- Two occupied tenant spaces: a used tire shop and a meat market
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$122,803
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,456,060
$2.5M
Cap Rate 7%
$1,754,329
$1.8M
Cap Rate 9%
$1,364,478
$1.4M
Market Conditions
NOI Build-Up for 10,675 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$192.2K $18.00/SF
− Vacancy
−$16.7K −$1.57/SF
EGI
$175.4K $16.43/SF
− OpEx
−$52.6K −$4.93/SF
NOI
$122.8K $11.50/SF
Area
Spartanburg County, SC
Vacancy
8.70%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,456,060
Cap Rate 7%
$1,754,329
Cap Rate 9%
$1,364,478
Alternative Uses
Best Use
Industrial
$6.82M
$5.97M – $7.96M
NOI $477,735 @ 7.0% cap · market cap 12.25%
Second Best
Retail
$1.75M
$1.54M – $2.05M
NOI $122,803 @ 7.0% cap · market cap 3.15%
Theoretical Best
Warehouse
$8.29M
$7.25M – $9.67M
NOI $580,107 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Service bays
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
39k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 82%
Shops & Services 16%
Home Improvements & Furnishings 2%
Ingles
Groceries
32,007 visits/mo
0.2 miles
Mobil
Shops & Services
3,356 visits/mo
0.2 miles
Exxon
Shops & Services
2,913 visits/mo
0.2 miles
Ferguson
Home Improvements & Furnishings
701 visits/mo
0.2 miles
Demographics for 29302, SC
17,356
Population
8,169
Households
2.1
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
342
Density / Sq Mi
$77,428
Median Household Income
$44,476
Median Earnings
$1,031
Median Rent
$264,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Littlejohn Trailer Service — 1726 Union St, Spartanburg, SC 29302
- Elite Automotive Services — 149 King Line, Spartanburg, SC 29302
- K&L Tire, Truck, & Auto Service — 50 King Line, Spartanburg, SC 29302
- Barnett's Garage — 1449 Union St, Spartanburg, SC 29302
- Bolton-James Tire & Alignment, Inc. — 1491 Union St, Spartanburg, SC 29302
Frequently Asked Questions
What type of property is this?
Auto shop - Three-building commercial site includes an operating towing business and two occupied tenant spaces.
Where is this auto shop located?
The property is located at 1449 Union St Spartanburg, SC.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 2.29‑acre commercial property with three buildings totaling approximately 10,675 square feet; Operating eight‑bay auto repair and towing business; Two occupied tenant spaces: a used tire shop and a meat market
